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26 July 2021

A green revolution in crypto mining? Industry answers wake-up call

A green revolution in crypto mining? Industry answers wake-up call


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This is best highlighted by the fact that recently, an increasing number of crypto companies have publicly announced their moves toward the use of greener energy alternatives.

Providing his take on the renewable vs fossil fuel debate, Matt Hawkins, CEO of multi-algorithm CPU and GPU miner Cudo, told Cointelegraph that behind the scenes, several major players operating within this space have already started to transition to the use of renewable energy, something that he believes is a positive step forward for the crypto industry as a whole.

While a lot of talk surrounding renewable energy continues to circle around solar and wind primarily, North American mining and hosting firm Compass Mining announced that it had gone ahead and signed a 20-year deal with nuclear fission startup Oklo, providing the mining farm with 150 megawatts of energy once its mini-reactors are deployed within the next two to three years.

In this regard, Compass CEO Whit Gibbs believes that once his company switches to nuclear power, the cost of mining for his firm will drop “considerably.” Not only that, but Compass is also discussing with the crypto-friendly city of Miami about getting power from the Florida-based Turkey Point Nuclear Plant.

On the matter of nuclear energy being explored by more mining farms in the future, Hawkins reiterated his belief that it “all comes down to cost efficiency,” adding that when the market is buoyant and bullish, Bitcoin mining is profitable across most regions, irrespective of the power costs incurred.

Therefore, time will tell how the future of the Bitcoin mining industry plays out from here on out, especially as more and more miners start to migrate to various crypto-friendly nations — such as those located in the Nordic countries or Central Asia — where there is a relative abundance of renewable energy.

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cointelegraph.com
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